The Central Bank of Trinidad and Tobago says the decision to suspend the exchange of Trinidad and Tobago dollar banknotes by the Bank of Jamaica was taken to reduce costs and to prevent the possibility of criminal activities, including money laundering.
This, in response to questions from the Trinidad Guardian newspaper, said its counterpart institutions in the Caribbean have a long standing arrangement to redeem each other's currency.
It said these and other currency arrangements were constantly being reviewed and discussed among the staff of the banking departments of the various central banks.
The BOJ said as of November 6, the exchange of Trinidad and Tobago dollars at its banking counter is suspended until further advised.
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